Ventas Acquires $58 Million Behavioral Healthcare Facility Near Dallas

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Ventas has purchased a 101,608-square-foot healthcare facility in Plano, TX for $58 million from Cawley Partners.

The three-story property, located at 5120 Legacy Dr., is fully-leased to Denver-based, Eating Recovery Center. The tenant utilizes the facility for both inpatient and outpatient eating disorder treatment.

The acquisition represents Ventas’ first investment in an inpatient behavioral health facility.

The acquired property was originally built in 2016 by VanTrust Real Estate as a speculative office project. In 2018, Cawley Partners acquired the vacant property and secured a lease with ERC. The lease offered ERC a phased occupancy structure, which provided time for the tenant to increase operations, prior to occupying the entire building.

Cushman & Wakefield’s healthcare capital markets team, including Travis Ives and Gino Lollio, represented and advised Cawley Partners on the disposition of the facility.

“Ventas is one of the largest and most respected ownerships of healthcare real estate in the world,” says Ives. “Historically behavioral health facilities have been considered somewhat of a ‘niche’ asset within healthcare real estate, but this transaction may be a watershed moment for the industry as others take notice of Ventas’s entry into the space.”

“In a healthcare real estate market where yields continue to compress, experienced investors are starting to look outside of the typical MOB box towards emerging micro-niches to secure optimal returns with comparable low-risk and strong operational performance,” says Lollio.

 

Source: GlobeSt.

Eleven U.S. Medical Office Buildings Acquired By The GFH Financial Group In A $200 Million Dollar Deal

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An investment bank based in Bahrain has acquired 11 medical office buildings in the U.S. in a $200 million deal.

The transaction increases the value of GFH Financial Group’s U.S. healthcare portfolio to more than $400 million. The combined facilities comprise more than 400,000 square feet of space in Texas, North Carolina, South Carolina, Georgia, Utah, Wisconsin, and Ohio.

Tenants of the medical office buildings include Dallas-based Baylor Scott & White Health, Cleveland Clinic,  and Winston-Salem, N.C.-based Novant Health.

“The pandemic has underlined a need for more outpatient services and continued demand for healthcare services. As a result we are seeing strong investor sentiment in the medical offices sector,” said Nael Mustafa, co-chief investment officer-real estate at GFH. “This trend is particularly true in the U.S., where healthcare spending comprises around 18 percent of gross domestic product, compared to around 10 percent for most other developed countries. The recession-proof investments such as healthcare are capable of delivering returns for shareholders, and GFH is confident its medical office portfolio will help capitalize on the growing demand for healthcare in the U.S.”

 

Source: Becker’s ASC Review

HCA Healthcare Emerges As The $25.5 Million Dollar Buyer Of The 30-Acre Franklin Summit Development Site In Greater Nashville

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One of Franklin’s high-profile, vacant properties has a new owner — and it’s not a mixed-use developer.

HCA Healthcare, through a subsidiary called Judson Holdings LLC, paid $25.5 million for 30 acres along Interstate 65 and McEwen Avenue in Williamson County, according to newly filed deeds. The site, dubbed Franklin Summit, is one of the largest vacant, developable chunks of land in Greater Nashville.

An aerial shot of Franklin Summit, which sits at the intersection of Interstate 65 and McEwen Avenue.
(PHOTO CREDIT: FOUNDRY COMMERCIAL)

The signature of Nick Paul, HCA’s vice president of real estate, appears on one of the transaction deeds. Jeff Calk — an attorney at Waller Lansden Dortch & Davis LLP who’s known for representing hospital systems and other health care clients in real estate transactions — is also listed in filings.

It’s unclear what HCA, which is the city’s biggest publicly traded company and the nation’s largest hospital operator, is planning to do with its new land.

“We purchase land from time to time for potential use in the future. We don’t have any plans for the property at this time,” HCA said in a statement to the Nashville Business Journal.

Don Albright of Foundry Commercial represented the property’s seller, SS McEwen 65 LLC, in the transaction, according to a press release. An initial land deed listed SouthStar, a Brentwood real estate firm, as buyer, but a subsequent filing showed that SouthStar had flipped the land to HCA’s Judson Holdings LLC.

Franklin Summit’s current zoning allows for up to 12 stories.

“It’s considered one of the most prominent development sites in the Nashville area,” Albright said in the release.

He did not return a request for comment. Last June, Albright described a then-prospective buyer, which had just requested an extension on its purchase contract, as an out-of-state developer with “extensive experience and a successful track record in the Nashville metro area.” It’s unclear what changed.

The newly sold land, which sits on a hill overlooking the interstate, is one of a collection of development sites primed for mixed-use projects in the area. Another, Ovation, sits less than a mile away. Highwoods Properties now owns the majority of that 143-acre property, and SouthStar used to own half of the site.

A couple miles away, the Nashville office of Holladay Properties is revamping The Factory at Franklin, a once-industrial site built in 1929. The property could soon hold plazas, courtyards and alleys, in addition to pre-existing retail space.

 

Source: Nashville Business Journal